Insurance
 

Frequently Asked Questions about Boat Insurance

Frequently Asked Questions


Insurance

Q: How much insurance should I purchase for my boat?

A: Your boat insurance should cover your boat for the amount it would cost you to replace it with a boat of like kind and quality. This is called "Agreed Value" or "Stated Value" Coverage. In the event of a total loss, this type of Boat Insurance Coverage will pay the full insured amount. Beware of Marine Insurance Policies providing "Actual Cash Value" (ACV) coverage, which means the value of your boat will be replacement cost less depreciation in the event of an insurance dispute.

Q: I live in an area where I can't use my boat in the winter, but my lender requires year-round insurance coverage. What can I do?

A:Ask your insurance agent if they offer what is commonly referred to as a "lay-up" discount for your boat. This type of boat insurance coverage provides a year-round policy with a discount for the months your boat is in dry storage.

Boat Safety

Q: How should I get on/off the boat?

A: A surprising number of accidents happen to people while they are getting on- or off- the boat. Boats can shift from the weight of people boarding. It’s very easy to fall overboard, hit your head on the dock or smash a limb between the boat and the dock.

Follow your captain’s lead when it comes to boarding. NEVER CARRY LARGE OR HEAVY ITEMS ON WITH YOU (for example, an ice chest). Place all cargo on the dock, board the boat and then bring the cargo aboard while standing on the boat.

Only grab points on the boat that are solid. Do not steady yourself with support poles, antennas or windshields. Grab onto the actual boat or a handrail.

Q: Is it safe to drink alcohol while boating?

A: Boating involves operating a vehicle in a potentially dangerous environment. All states have BWI (Boating While Intoxicated) laws. Penalties are similar to the DWI (Driving While Intoxicated) laws faced by car drivers. Anyone who plans to drive the boat should not drink to excess.

Boating activity multiplies alcohol’s intoxicating effects. Sun, wind, motion, noise and vibration all contribute to “boater’s fatigue.” This means that one beer on the water will likely have the effect of two beers at home. Know this ahead of time and plan accordingly.

If you have further questions or comments please click here to contact the Boat Insurance Professionals.